Medicare

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Original Medicare and Part D

The best site to get your information on Medicare is the Official U.S Government Site for Medicare at:

 https://www.medicare.gov/what-medicare-covers/your-medicare-coverage-choices/how-original-medicare-works

Or the Centers for Medicare and Medicaid Services at:

https://www.cms.gov/Medicare/Medicare

For people who decide to stay on Original Medicare you must enroll in a Prescription Drug plan also known as Part D during before your initial Enrollment period is over or any continuous period of 63 days or more after you Initial Enrollment Period is over. The late enrollment penalty is calculated by multiplying 1%of the ‘national base beneficiary premium’ ($32.74 in 2020) times the number of months you didn’t have Part D or other credible coverage.

Medicare Advantage

One of the many advantages of enrolling in a Medicare Advantage Plan is that most plans cover Part D so the beneficiary won’t need to enroll in a stand-alone Prescription Drug plan. Medicare Advantage Plans are a type of Medicare health plan offered by a private company that contracts with Medicare to provide all your Part A and Part B benefits. You can Choose from a variety of Medicare Advantage plans designed to help you get the most out of your Medicare coverage. With a Medicare Advantage plan, you’ll have all the benefits of Original Medicare. It can also include extra features such as emergency care, wellness programs, Medicare Part D and other benefits.

Medicare Supplement Plans

Medicare Supplement Plans, also known as Medigap Plans, are insurance policies that help cover some or all of the deductible, coinsurance, copay, and excess charge gaps that are not covered by Medicare, and are available to anyone enrolled in part A and B of Medicare.

Medicare supplements are somewhat unique in that, although this is insurance, Medicare has mandated a level of standardization that makes it easier to shop for Medicare supplements. As an example, many people aren’t familiar with the fact that a Medicare Supplement Plan F from one company can be priced at $200/month while the same exact plan and coverage from another company can be around $100/month. No difference in benefit. No difference in physician’s networks. The exact same Medicare supplement coverage! As of 2019 Plan F is no longer available for newly eligible beneficiaries. But there are other options see below. Using a consultant can save someone $100/month or almost $1,200/year.

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